FI, FX, Credit & Commodities October 26, 2015 Credit rating list We are updating our credit rating list as we have changed the outlook to negative from stable for LKAB’s BBB+ rating. The credit rating list contains corporate ratings and outlooks for all issuers under our coverage, as well as senior unsecured or senior secured ratings where they apply. The rating list will be updated on the internet and distributed by email whenever we alter any rating or outlook. The updated list is always available on our Research website. To view the most recent credit report on each issuer, please click on the date link in the far right column. Corporate rating Senior unsecured BBB+ BBB+ Stable Aker Solutions BB+ BB+ Neg Johan Sahlström Arla BBB BBB Neg Johan Sahlström Atrium Ljungberg BBB BBB- Stable Johan Sahlström Balder BB+ BB Stable Johan Sahlström BillerudKorsnäs BBB- BBB- Pos Johan Sahlström BKK BBB+ BBB+ Neg Castellum BBB BBB- Stable Ola Eriksson Ola Eriksson / Johan Sahlström Stable Ola Eriksson Name Agder Energi Cloetta Eidsiva Energi Energiselskapet Buskerud Entra Eiendom BB Senior secured BB Credit outlook Analyst(s) Ola Eriksson BBB+ BBB+ Neg Ola Eriksson BBB BBB Stable Ola Eriksson A- A- Stable Johan Sahlström Hafslund BBB+ BBB+ Stable Ola Eriksson Hexagon BBB BBB Stable Ola Eriksson A- A- Stable Ola Eriksson Husqvarna BBB- BBB- Stable Ola Eriksson ICA Gruppen BBB BBB Stable Johan Sahlström A A Stable Johan Sahlström LKAB BBB+ BBB+ Neg Ola Eriksson Lyse Energi BBB+ BBB+ Stable Ola Eriksson Stable Ola Eriksson Hufvudstaden Jernhusen Meda BB- NCC BB+ BB+ Stable Ola Eriksson Neste BBB- BBB- Stable Ola Eriksson NorgesGruppen A- A- Stable Johan Sahlström Nynas B B- Neg Olav Thon Eiendom. BBB+ BBB PostNord BBB+ A- Ola Eriksson Stable Johan Sahlström BBB+ Neg Johan Sahlström Posten Norge A- A- Stable Ola Eriksson Ringeriks Kraft BBB- BBB- Stable Ola Eriksson Schibsted BBB BBB Neg Ola Eriksson Skanska Sogn og Fjordane Energi BBB BBB Stable Ola Eriksson BBB BBB Stable Ola Eriksson Steen & Ström Stena Metall BBB+ BB+ BBB BB+ Stable Stable Johan Sahlström Ola Eriksson For full disclaimer and definitions, please refer to the end of this report. A- Most recent research 2015-07-01 2015-05-04 2015-10-06 2015-05-25 2015-10-16 2015-10-21 2015-07-01 2015-10-16 2015-02-18 2015-07-01 2015-07-01 2014-12-05 2015-07-01 2015-02-11 2015-02-20 2015-04-24 2015-06-09 2015-07-28 2015-10-23 2015-07-01 2015-01-16 2015-03-19 2015-01-13 2014-09-22 2015-09-01 2014-03-03 2015-08-13 2015-08-09 2015-07-01 2015-05-11 2014-11-10 2015-07-01 2015-06-03 2015-10-23 Corporate rating Senior unsecured Sunnhordland Kraftlag Sveaskog Swedavia Tafjord Kraft Thon Holding Tine SA Tussa Kraft Tele2 Vacse Vapo BBB+ AABBBBBB+ ABBBBBB BBB B+ BBB+ AABBBBBB+ ABBBBBB BBB Vasakronan Wihlborgs ÅF BBB+ BBBBBB- BBB+ BB+ BBB- Name Senior secured A- Credit outlook Analyst(s) Most recent research Under review Stable Stable Stable Stable Stable Stable Stable Pos Stable Ola Eriksson Ola Eriksson Ola Eriksson Ola Eriksson Johan Sahlström Johan Sahlström Ola Eriksson Ola Eriksson Johan Sahlström Johan Sahlström 2015-07-01 2015-02-10 2015-02-20 2015-07-01 2015-03-03 2015-03-06 2015-07-01 2015-10-21 2014-11-19 2015-08-03 Stable Stable Stable Ola Eriksson / Johan Sahlström Johan Sahlström Johan Sahlström 2015-08-25 2015-04-08 2015-04-28 Sources: Handelsbanken Capital Markets. Editor: Eva Dorenius, +46 8 701 5054, [email protected] Recommendation Structure, Definitions and Allocations Handelsbanken Capital Markets Equity Research (HCM) employs a four-graded recommendation scale. The recommendations reflect the analyst’s assessment of how much the share price may appreciate or depreciate in absolute terms in a 12-month time horizon and takes into account risks related to both fundamental expectations and share performance. Investment ratings are determined by the ranges described in the table below. The recommendations do not represent the analyst’s or the bank’s assessment of the company’s fundamental value or quality. All investments involve risks and investors are encouraged to make their own decision as to the appropriateness of an investment in any securities referred to in this report, based on their specific investment objectives, financial status and risk tolerance. The recommendations and absolute performance intervals, together with the allocation of the rating categories amongst companies under coverage and amongst companies under coverage for which Handelsbanken has provided investment banking services in the past 12 months are listed below: Ratings: definitions and allocations 1 HCM Universe2 RTP is expected to be HCM rating Buy >+20% 30% Accumulate +5% - +20% 44% Reduce -15% - +5 % 24% Sell < -15 % 1% 1 RTP is defined as the expected share price appreciation (depreciation) including dividends over the next 12 months 2 Percentage of companies under coverage within each rating category 3 Percentage of companies within each rating category for which investment banking services have been provided in the past 12 months IB services3 6% 6% 4% 0% Source: Handelsbanken Capital Markets, as per 23/10 2015 At times, the expected total returns may fall outside of the above stated ranges because of price movement and/or volatility. 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